The impact of membrane switch costs on silver prices

According to market data as of July 2025, silver paste costs account for approximately 18%-35% of the total cost of membrane switches, and its price fluctuations have a significant impact on industry profits. The following is a specific analysis and response strategy:

1. The cost ratio of silver paste in membrane switches
Single-layer structure: 18%-22%, silver is only used for conductor circuits, and the amount used is small.
Multi-layer structure: 25%-30%, circuit bridging and perforation are required, and the amount of silver paste increases by 30%.
Special structure: 30%-35%, silver purity requirement>99.9%, printing thickness increases,

2. The impact of silver paste price fluctuations on membrane keypad switches
Direct cost impact
Silver rises by $1 per ounce, and the cost of membrane switches increases by 0.3%-0.5%.
Supply chain reaction
Silver accounts for more than 70% of the amount of conductive materials used, and it is difficult to be replaced in the short term.
Pricing power is weakened
The gross profit margin of the membrane panel switch industry is generally lower than 15%, and the price increase of silver paste may reduce profits.

3. Reduce dependence on silver
Process optimization strategy
Microcircuit design: Reducing the number of circuit bridging layers can reduce the amount of silver by 20%,
Improved printing accuracy: Using a high-mesh screen (>350 mesh) saves 8%-12% of silver.

4. Future price forecast
Optimistic (silver ≤ $25/ounce): The proportion of silver paste will drop to 15%-25%, and the industry will maintain its cost advantage until 2030.
Pessimistic (silver ≥ $35/ounce): After 2028, membrane switches may lose their cost competitiveness and be replaced by cooper flexible printed circuits at an accelerated pace.
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